"There's no magic bullet to this European crisis"
- Hayes Miller from Baring Asset Management Inc.
U.S. stocks depreciated on Monday, amid rising concerns of the Eurozone debt crisis and growing uncertainty over whether Spain is about to ask for a sovereign bailout or not.
The Standard & Poor's 500 erased 0.22 per cent to 1,456.89. The Dow Jones Industrial Average slid 0.15 per cent to 13,558.92. The Nasdaq Composite edged lower 0.60 per cent to 3,160.78.
"There's no magic bullet to this European crisis," said Hayes Miller, who helps oversee about $48 billion as the Boston- based head of asset allocation in North America at Baring Asset Management Inc.
"The politicians have been trying to put on a face of unity. Yet there are no easy solutions. You're going to have an economic growth rate that's going to be quite poor over the next year. It's going to be a challenging environment."
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